Ollie Kwan’s Post

Happy Monday everyone! Stay ahead of the curve with the latest insights in insurance with mea! 1. Enhancing Terrorism and Cyber Risk Insurance Modeling NSF is set to revolutionize terrorism and cyber risk insurance modeling, paving the way for more accurate assessments and proactive risk management strategies. Dive into the details of this game-changing development. https://lnkd.in/eEGb-YYX 2. Top Workers' Compensation Providers of 2024 Revealed Insurance Business America unveils the top providers in workers' compensation for 2024. Discover the key players shaping the landscape and driving innovation in this critical sector. https://lnkd.in/ebfyqv45 3. Supreme Court Ruling Opens Path to Dispute Resolution Adoption The recent Supreme Court ruling on mixed injuries is set to transform dispute resolution in insurance. Gain insights into the implications of this landmark decision and its potential impact on the industry. https://lnkd.in/eykb32F5 #InsuranceInsights #IndustryLeadership #InnovationInInsurance

For businesses, too much risk is any risk they can’t accept or mitigate. For governments, the answer is more complicated. #tech #government #risk #insurance https://lnkd.in/gRQgeDm4

Current exposures facing Directors & Officers webinar with James Cooper & Mark Beswetherick - Chartered Insurance Institute 📈 The D&O Survey 2023, surveyed approx 900 Directors and Officers from over 50 countries. What were the top 3 most important risks for D&O's to obtain cover for in the current climate? 1. Health & Safety related Risks 2. Cyber Attack - Down from the top spot since 2021 3. Data Loss 🌦 Climate Change only factored as a major risk in Asia, Australasia and the Middle East. ☮ There is a much higher interest in managing social risks now e.g. Health & Safety, Human Rights Breaches and Employment Practices. It is thought that this could be due to a higher level of transparency in the way companies are run and more public interest in this information. 🏦 There has been an increase in Insolvency related claims. This is a result of a large increase in insolvent companies; 25,158 in 2023. This was a record high since 1993. #SME #BusinessInsurance #Claims #ClaimsManagement #ClaimsTrends #Insurance #DirectorsandOfficers

Is Your Family Office Prepared for the Worst? #AssetProtection #FamilyOffice #RiskManagement #UHNW #Insurance #FamilyBusiness

#IRDAI Chairman Mr. Debasish Panda recently highlighted that India’s insurance industry is set to advance under a new regulatory framework that promotes ease of business, reduces compliance burdens, and strengthens risk management through risk-based capital, supervision, and adherence to IFRS standards. To maximize these benefits, he urged the industry to expand into underserved areas and design region-specific products. Mr. Panda also emphasized the importance of adopting technology, strengthening #cybersecurity, and ensuring a seamless, positive claims experience for customers. #Beyondrisx is well-positioned to support insurance companies in meeting these evolving standards. With expertise in risk-based capital and supervision, Beyondrisx can help insurers build resilient risk management frameworks, enhance cybersecurity practices, and improve operational efficiency. #insurance #riskmanagement #compliance #chiefriskofficer #regulatory #rmax Jitender Arora, CFIRM , Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Priyadarshi Dutta RISK HAWK Kapil Madan Naresh Kumar Syed Ali Jafri, ACSI, ICA Priyanka Rana Varun Narang David Nayagam Baratwaj Narasimhan Vinay Disley Indrajeet Banerjee (IB) The Specialists

As per Aon's Global Risk Management Survey 2023 ,Intellectual Property (IP) risks are fairly underrated when it comes to prioritization among risk professionals across the globe. In the Indian context we rarely have any meaningful discussions around that. I personally have been aware of IP insurance cover being available since last 10 years but my hunch is I do not feel there have been many policies that have been sold. Sporadically we get into discussion around it but then it usually fizzles out. The fact that intangible assets , mostly in the form of IP make up to 90% of S&P 500 companies value, makes one wonder why IP risks are rated so low by Risk Professionals across the globe. There has also been an increase in IP litigations as well. My take is just like Cyber Risks which were present in the horizon for more than a decade before it got due attention in the past few years, IP risks may follow the same path. However with the proliferation of AI , which I believe may accelerate IP related infringement and dispute, in fact make us redefine what constitutes an infringement, IP risks may come up the pecking order in prioritization for Risk managers lot sooner than cyber Risks did.

Excited to see our #cyber deepfake webinar making waves! Business Insurance's latest article on AI risk management features John Farley's insights. Don't miss it! https://lnkd.in/djEzbuhv #Insurance

The CBI’s recent publication of the ‘Dear CEO’ letter to insurance companies will see an immediate response at board, senior management, conduct risk, and control-owner level, as reviews of Consumer Protection Risk Management Frameworks commence. Published last week, this framework review comes with timelines that will challenge an already busy Q3/Q4 compliance schedule, as teams grapple with DORA and NIS2 implementations. Since the introduction of the Consumer Protection Risk Assessment Guide in 2017, the CBI has assessed consumer protection risk management framework maturity, and this targeted review is in response to the varying levels of maturity found in the design and effectiveness of the frameworks across the sector. The unplanned acid test of Covid-19 provided the context for how well consumer risk was managed over a disruptive period and since, and the supervisory view is that, whilst the impact to consumers has been positive in general, weaknesses exist across some key framework elements, and should be strengthened. A gap analysis of the current consumer protection risk posture against the contents of the ‘Dear CEO’ letter is the immediate next step, with the gap analysis findings and upgrade plans for the Consumer Risk Protection Management Framework, needing to be in front of Boards no later than November 30th, 2024. Implementation of approved changes should be in place by June 30th, 2025. It is a timely reminder to first and second-line teams who are currently designing and implementing their ICT risk management frameworks under DORA, as to what they can expect from framework design and ownership oversight when the supervisory focus is turned to ICT risk. Protecting consumers across Ireland and the EU is at the heart of both DORA and Consumer Protection, and translating this across the organisation is an ongoing exercise. Parva Consulting #insurance #consumerprotectionrisk #riskframework

#RBI DG advocates for risk-based insurance premiums to strengthen financial stability RBI Deputy Governor Swaminathan J emphasised the need for risk-based insurance premiums to incentivise stronger bank risk management. Speaking at a DICGC conference, he urged deposit insurers to enhance oversight, invest in technology, and collaborate with regulators to address emerging risks like cybersecurity, ensuring financial stability and depositor confidence. #RiskBasedPremiums #FinancialStability #BankRiskManagement #DepositInsurance #CybersecurityRisks #RBI #FinancialOversight #TechInFinance #DepositorConfidence #RegulatoryCollaboration https://lnkd.in/gxxhqxt3

This Risk Management article explores the challenges businesses face when expressing political views. While consumers expect executives to speak out, doing so can also result in significant losses. Companies risk damaging their reputation if they fail to align with their values, and many consumers may even boycott them. Negative media coverage is another potential threat that can harm a business’s image. Additionally, companies may lose government contracts or support due to their political affiliation. While mitigating the risk of retaliation can be complex and ever-changing, it is possible to provide protection. Businesses should conduct a risk assessment, review their insurance policies, consider a captive insurance company, and consult an attorney if they face retaliation. In some cases, hiring a reputation manager may also be beneficial. #cicservices #riskmanagement #captiveinsurance https://lnkd.in/e3xrKq6c